Similar Search Results

Berger, Tino; Pozzi, Lorenzo - 2023

Recessions and expansions are often caused or reinforced by developments in private consumption - the largest component of aggregate demand - which, as a result, varies over the business cycle. As such, an accurate measurement of the cyclical component of consumption and an understanding of its...

Persistent link: https://www.econbiz.de/10014380708

Advance information and consumption insurance : evidence from panel data

Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian - 2022 - Preliminary, April 15, 2022

incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …

Persistent link: https://www.econbiz.de/10013186823

Consumption choices and earnings expectations : empirical evidence and structural estimation

Stoltenberg, Christian; Uhlendorff, Arne - 2022

In this paper, we document that households' consumption expenditures depend on their expected earnings - even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...

Persistent link: https://www.econbiz.de/10013332707

Consumption choices and earnings expectations : empirical evidence and structural estimation

Stoltenberg, Christian; Uhlendorff, Arne - 2023

In this paper, we document that households' consumption expenditures crucially depend on their expected earnings - even after controlling for realized earnings, wealth and time-invariant unobserved characteristics such as permanent income and over-confidence. To explain this evidence, we develop...

Persistent link: https://www.econbiz.de/10014249642

Intra-household insurance and the intergenerational transmission of income risk

Agostinelli, Francesco; Ferraro, Domenico; Qiu, Xincheng; … - 2024

This paper studies the mechanisms and the extent to which parental wage risk passes through to children's skill … not work at all, time spent with children, and child-related expenditures, we find that income risk impacts skill … childhood is hard-as available evidence suggests-uninsurable income risk can negatively impact the labor market prospects of …

Persistent link: https://www.econbiz.de/10014457814

The minimal entropy martingale measure in a market of traded financial and actuarial risks

Dhaene, Jan; Stassen, Ben; Devolder, Pierre; Vellekoop, … - 2014

In arbitrage-free but incomplete markets, the equivalent martingale measure Q for pricing traded assets is not uniquely determined. A possible approach when it comes to choosing a particular pricing measure is to consider the one that is "closest" to the physical probability measure P, where...

Persistent link: https://www.econbiz.de/10010391547

Intergenerational sharing of unhedgeable inflation risk

Chen, Damiaan H. J.; Beetsma, Roel; Wijnbergen, Sweder van - 2022 - This version: November 16, 2022

market instruments. Using intergenerational risk sharing arrangements, risks can be allocated better across the various …

Persistent link: https://www.econbiz.de/10013460026

How risky is investment in human capital?

Hartog, Joop; Ophem, Hans van; Bajdechi, Simona Maria - 2004

The risk of investment in schooling has largely been ignored. We assess thevariance in the rate of return by surveying … skewed. Our best guess of ex ante risk in university education is a coefficient ofvariation of about 0.3, comparable to that …

Persistent link: https://www.econbiz.de/10011335192

The pace of structural change, cyclical shocks and unemployment dynamics : simulations using an empirical flow model

Butter, Frank A. G. den; Dijk, Mark van - 1997

may be out of its unemployment equilibrium for quite a long time after a shock occurs.The novelty of the model is that it … decreasein job creation in response to the depreci-ation of human capitalfollowing an adverse cyclical shock, does not lead to …

Persistent link: https://www.econbiz.de/10010336861

Moments, shocks and spillovers in Markov switching VAR models

Dijk, Dick van; Kole, Erik - 2021

To investigate how economies, financial markets or institutions can deal with stress, we nowadays often analyze the effects of shocks conditional on a recession or a bear market. MSVAR models are ideally suited for such analyses because they combine gradual movement with sudden switches. In this...

Persistent link: https://www.econbiz.de/10012621564